Perpetual System Journal Entries Buyer (Purchase entries)

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1

Purchase of Inventory

Dr. Inventory

Cr. Accounts Payable/Cash

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2

Purchase Returns & Allowances

Dr. Accounts Payable

Cr. Inventory

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3

Freight Costs

Dr. Inventory

Cr. Cash

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4

Purchase Discount

DR. Accounts Payable

Cr. Cash

Cr. Inventory

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